Opening a franchise business isn?t as easy as one, two, three; nor is it as economical as building a home-based enterprise. That?s why prior to embarking on this direction, you need to become knowledgeable about its nature first.
?Am I ready to handle franchising?? ?What is my franchise going to be?? ?What are the total costs of this franchise?? ?What will be my target market?? ?What will be my marketing strategies and how am I going to implement them??
But what is a franchise and how does it work, precisely?
A franchise business takes place when a business owner or franchiser sells the rights of their business structure and logo to 3rd parties, also known as the franchisee. The franchisee then pays initially for the rights to the business, like the proper training, and also the equipment concerning the business. Aside from preliminary transaction, the franchisee will pay the franchiser a regular royalty bill, depending upon the income percentage of the franchise.
The rule of the franchise is that you adhere to the business design of the franchiser ? from the goods being offered, the type of assistance offered, staff?s uniforms, operational approaches, logos, and signs.
One of the main purposes of franchising is to cut the cost of building chain stores and avoiding any liability at the same time. Examples of popular franchises include McDonalds, KFC, Kenny Rogers, Starbucks, and a lot more.
Self-Evaluation
Evaluating your capacity and ability to buy a franchise is a very crucial step. Can you handle the pressure of owning a franchise? Are you ready to take on the responsibility? Also, it?s important that the business you choose is right for you.
Knowing What Your Franchise Is
While getting the legal rights to an already-established and well-known franchise business, it?s better if you do a comprehensive analysis and a well-thought strategy before you proceed with the next step. Be sure to check around for help or you can also provide the support of a skilled franchise attorney.
Total Costs Of The Franchise
How much will the franchise cost you? From the initial payment, to the royalty fees, to miscellaneous expenses ? it?s recommended that you calculate the estimated amount that the business will cost you. Then there?s the return on investment; is the total cost going to be worth it?
Establishing The Target Market
A franchise business is just like any other business. You need to conduct a market research and demographic analysis. Is your franchise going to appeal to a large market? Then what is the type of market you?re going to cater to?
Campaign Plans and Execution
What possibly be the marketing approaches that you?re intending to choose? How are you planning to implement them? Simply because the franchise you purchased has already been a recognised name in the business doesn?t implies that you don?t need to do anything anymore. You?ll should think of efficient promotion approaches to attract clients and spread the message regarding the recent franchise in your community.
It doesn?t matter how overwhelming it appears, starting a franchise business can be accomplished properly if you fully understand how it operates. Research everything you need to know and study as much as you can. Then, you?ll be off to a great start.
If you are looking for a retail franchise opportunity or a premises based franchise business opportunity then visit www.retail-franchises.co.uk
This entry was posted on Sunday, February 26th, 2012 at 12:25 pm by Mark Richards and is filed under Business. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
Source: http://house-home-centired.co.za/2012/02/getting-started-with-a-franchise-business/
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